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ZeroHedge’s comment on the latest Greek rumor is about as good as it gets. Samaras letter is allegedly worth far more than the paper it’s written on. It is worth almost a 1% move in the stock markets of the world, I wonder if the EU will cherish it quite as much? We all know we tend to do and say anything when we get the message that it’s over. Of all the bounces we’ve had this year, this is the most difficult one to explain. We will see how markets open tomorrow but I would be surprised if we don’t drift lower in Asia. It is hard to take this bounce serious. Credit went from offered to bid (on bonds) but there wasn’t a whole lot of time to react to the move and the only trades were the 8 traders who repeated a bond offering not having seen the gap in stocks – maybe the Volcker rule would help them.